University of North Carolina at Greensboro
Bryan School of Business and Economics
Department of Accounting
ACC 218: Financial Statement Preparation and Disclosures
(Financial Accounting for Accounting Majors)
Fall Session, 2010
INSTRUCTOR:
OFFICE:
PHONE:
E-MAIL:
OFFICE HOURS:
Cindi J Khanlarian, CPA, CMA
388 Bryan
Office: 256-0126
Home: 286-2099
Khanlarian@UNCG.edu
Tuesday & Thursday 12:30 – 1:30, 4:45 – 5:45
Other times by appointment
Prerequisites/Corequisites:
MAT 115 or equivalent; GPA 2.0 or above
For Whom Planned:
This course is a required course in the undergraduate accounting degree program. Students must
complete the course with a “C” or better.
Catalogue Description:
ACC 218: “First financial accounting course for students desiring to pursue upper division
accounting courses. Includes coverage of basic financial statement preparation, time value of money
concepts, and techniques for accounting valuation.”
Objectives:
Upon completion of this course students will:
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Appreciate the environment of financial accounting; understand how businesses operate, and
identify the events that impact their financial position.
Comprehend basic accounting terminology and financial statement preparation, particularly
the balance sheet and income statement.
Appreciate the concepts and principles that underlie generally accepted accounting principles
Understand the accounting information system and the accounting cycle.
Comprehend the fundamentals of the time value of money.
Demonstrate, through the completion of a practice set, mastery of the accounting cycle and
preparation of financial statements.
Evaluation Methods and Guidelines for Assignments:
Course grade will be determined through:
2 Tests @ 20% each
Rockford
40%
20%
Homework & Quizzes
Final Exam
15%
25%
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Grading Scale:
A+ = 98-100
B+ = 88-89
C+ = 78-79
D+ = 68-69
A = 93-97
B = 83-87
C = 73-77
D = 63-67
A- = 90-92
B- = 80-82
C- = 70-72
D- = 60-62
Graduate students: any
average below 70 = F
F = 59 and below
All grades will be posted on Blackboard. It is your responsibility to make sure they are recorded
correctly. Please contact me immediately if there is an error.
Required Texts/Readings/References:
Intermediate Accounting, Thirteenth Edition
Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Rockford Corporation: An Accounting Practice Set to Accompany Intermediate Accounting
Thirteenth Edition, Kieso, Weygandt, Warfield and prepared by Larry Falcetto, Wiley 2009.
https://blackboard.uncg.edu
Honor Code: Students are expected to know and abide by the Honor Code in all matters pertaining
to this course. If you find yourself behind or in a difficult situation, please come to see me. Do not be
tempted to cheat. http://academicintegrity.uncg.edu/violation/
Cell Phones: Having a cell phone out, open or on your desk during a test or exam is a
violation of the Honor Code.
Student Conduct: Students are expected to know and abide by the Student Code of Conduct.
Students who behave in an unprofessional manner will be dismissed from the class. “An academic
community of integrity upholds accountability and depends upon action in the face of wrongdoing.
Every member of an academic community—student, group/organization, faculty member, and
staff—is responsible for upholding the integrity of the community.”
http://studentconduct.uncg.edu/policy/code/
www.uncg.edu/bae/faculty_student_guidelines.pdf
Student Disabilities - ( http://ods.dept.uncg.edu/services/_ ) Any request for special
accommodations must come through that office with the appropriate paperwork.
Attendance policy: while there is no required attendance policy, be aware that people who come
to class generally perform better on tests than people who do not come to class.
Prompt and regular class attendance is necessary to master the material in ACC 218. Financial
Accounting is not an overly difficult subject, but it does require students to prepare for class in
advance, study regularly, and resolve any problems or difficulties in understanding the material
promptly. Should you feel that you are lost, please seek help immediately. It is difficult to discover
knowledge the day before an exam.
Make-up Exam Policy: Make-up tests will be prepared for students with documentation. Quizzes
cannot be made up.
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Makeup policy for other assignments: Homework is due on the due date at the beginning of class.
No late homework is allowed. No late submissions will be accepted.
This class will abide by the University’s policy during inclement weather as it is posted on the
website or by calling 334-5000.
Other Comments:
1. I believe that your education is your primary responsibility. It is your job to prepare for and attend
class.
2. This course is a critically important portion of the accounting curriculum. It is also very time
intensive. You may find it necessary to read the material more than once to fully absorb it.
3. Please note that the chapter assignments and practice sets may only represent the minimum
amount of work necessary to gain an understanding of the material covered in this course.
4. There are no opportunities for “extra credit” in this course.
5. Please bring your calculator to all classes. You may not borrow or share calculators during
quizzes, tests or exams.
Topical Outline:
 Items highlighted in yellow indicate a document on Blackboard. Please print and bring to
class or bring your laptop.
 Items highlighted in blue indicate homework that must be submitted at the beginning of that
class period. Turn it in early if you think you will be late to class.
 Items highlighted in pink indicate homework assignments to be completed using Wiley Plus.
Date
Aug. 24
Aug. 26
Aug. 31
Sept. 2
TOPIC COVERAGE
Intro to course
Chapter 3: The Accounting Information System
 Define accounting and the accounting information system
 Learn the 5 elements and the accounting equation (page 39)
 Historical cost, separate entity,
 Business forms: sole proprietorship, partnership, corporation
 Transactions
 Account classification worksheet
Record transactions and learn the formulas to prepare financial statements
 Income Statement, Statement of Equity
 Balance Sheet, Statement of Cash Flows
Bumper, Financial Statement Preparation, Patriot, Roddick
Roddick due
Debits and Credits
Journals and ledgers
Picard
Accounting Transaction Cycles
Adjusting entries (page 75 – 90)
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Sept. 5
Sept. 7
Sept. 9
Sept. 12
Sept. 14
Sept. 16
Sept. 19
Sept. 21
Sept. 23
Sept. 28
Sept. 30
Oct. 3
Oct. 5
Oct. 7
Oct. 14
Oct. 17
Oct. 19
Oct. 21
 Prepaid expenses (Depreciation, Prepaids, Supplies)
 Unearned revenues
 Accrued revenues (A/R, Interest receivable)
 Accrued expenses (A/P, Interest payable)
Accrual
Homework Assignment #1 due by Sept. 5 @ 11:00 PM
Trial Balance, Adjusted Trial Balance (90-92)
Worksheet
Accrual Worksheet
Indiana Jones assignment due
Closing Entries & post-closing trial balance (92-95)
Closing
Homework Assignment #2 due by Sept. 12 @ 11:00 PM
Chapter 1
 Parties involved in standard setting
 Generally accepted accounting principles
 Issues in financial reporting
 House of GAAP
Review
Homework Assignment #3 due by Sept. 19 @ 11:00 PM
Exam 1
Test Solutions
Chapter 2 Conceptual Framework: Basic objectives of financial reporting
Fundamental concepts--Qualitative characteristics
Recognition and measurement concepts
In class: bring your book: E2-1, E2-2, E2-3, E2-4, E2-5
Chapter 4 Income statement preparation and related information
 Format of the income statement
In class: bring your book: E4-4
Homework: Assignment #4 due by Oct. 3 @ 11:00 PM
 Reporting irregular items
Bring your book
 Periodic versus Perpetual (384-385)
 Periodic/Perpetual worksheet,
 Terms and discounts: p. 320 & Payroll
Chapter 5 Balance Sheet preparation, limitations, classifications, current ratio,
working capital, Cash equivalents, Petty cash, Short-term investments
A/R and the allowance for doubtful accounts & Bad Debt Expense (324-326)
Accounts Receivable worksheet
(Last day to drop Oct. 15)
Homework #5 due by Oct. 17 @ 11:00 PM
Rockford Material
Inventories: LIFO, FIFO, LCM (394-398)
Inventory worksheet
Property, Plant and Equipment
 Acquisition
 Use (Depreciation: sum of years’ digits, units of production, straight-line,
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Oct. 24
Oct. 26
Oct. 28
Oct. 31
Nov. 2
Nov. 4
Nov. 9
Nov. 11
Nov. 16
Nov. 18
Nov. 21
Nov. 23
double declining balance: p. 542-545)
 Disposal (Gain or loss on disposal: p. 485-488)
Long Term Assets worksheet
Homework #6 due by Oct. 24 @ 11:00 PM
Liabilities: current, long-term, contingencies
 Bonds (690-700)
Bonds
Owners’ Equity
Recording Stock purchases: p. 745-746, 754
 and Treasury stock: p. 749-753
 Recording cash dividends declared: p. 758
Stock
Homework #7 due by Oct. 31 @ 11:00 PM
Review
Exam 2
Chapter 6 Accounting and the time value of money
Basic time value concepts
Time value charts & Time value worksheet
 Present and future value
 Annuities
 Bonds
Chapter 5: Statement of Cash Flows
 Operating
 Investing
 Financing
Bring your book for in-class exercises
Rockford Set Due: at the beginning of class
Indirect method: Cash Flows
Bring your book
Homework #8 due by Nov. 21 @ 11:00 PM
Internal Control
Nov. 30
Dec. 2
International issues (Chapter 1) & Ethics in Accounting
Review
Dec. 5
Homework #9 due Dec. 5 by 11:00 PM
Exam
11:00 class: Tuesday, Dec. 14@ noon room 128
2:00 class: Friday, Dec. 10 from 3:30 – 6:30 room 104
Option: Dec. 9 @ 3:30 room 160
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